A California business executive has listed his San Clemente, California, home for $44 million, a steep cut from its previous listing last year.
Martin Colombatto, a Venture and Industry Partner at Seven Peaks Ventures LLP, bought the three-acre property for an undisclosed amount in 2002, according to property records. It was previously sold to another owner in 2000 for $3.183 million.
The house was originally listed for $55 million in early 2016 but taken off the market earlier this year.
It was relisted at the current asking price on Saturday.
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According to the listing agent, Robert Giem, the compound is next door to Casa Pacifica, a historical site known as the "West Coast White House," as President Richard Nixon lived there from 1969 to 1980 before moving to New York. Many political events occurred in the neighboring home, including Nixon’s famous interview with David Frost.
Mr. Colombatto’s home is located in a gated residential complex called Cotton Point Estates and includes around 13,000 square feet of living space, according to its listing on Realtor.com, which is owned by News Corp., Mansion Global’s parent company.
However, the high security and privacy of living in a gated community are not the only things making this mansion stand out. Mr. Giem said what makes this property unusual is, the amount of frontage it has.
It includes "about 450 feet of private beach access." he said. Moreover, it, "sits above a world-renowned surfing spot that has minimal public access."
He said, the house is, "remarkably livable and comfortable. Not formal in any manner." The Venetian plaster and walnut millwork create a cozy setting, given the architecture of the main house.
In the battle of America's richest real estate regions, nobody beats California https://t.co/RfIOPqhZJY pic.twitter.com/dWn2AXnB0h
— Mansion Global (@MansionGlobal) October 5, 2016
The master bedroom features a private terrace from which you can watch beautiful California sunsets. Other highlights include a basketball court, an oceanfront pool, a three-bedroom guesthouse, a nine-car garage and an event lawn.
According to Bloomberg, Mr. Colombatto, built his multi-billion dollar enterprise business during his time as vice president of Broadcom Corp.’s Networking Business unit. There, he established and managed a business that grew to over $400 million in a four-year period.
Representatives for Mr. Colombatto didn’t immediately return requests for comment.